Escatawpa Real Estate and Mortgage

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HUD Foreclosure
As-is value $90,000. 3 bedrooms, 1 & 1/2 bathrooms. 1,504 +/- sq. ft. Built 1958. Property status: Available to owner occupant. Bids may be made through a HUD approved broker. Landmark Properties is a HUD approved broker. Please call Jim Wheeler at 228-392-0422 for the property condition information report.

How do I buy a HUD home?
Answer: Your real estate agent with Landmark Properties must submit your bid for you. Normally, HUD Homes are sold in an "Offer Period." At the end of the Offer Period, all offers are opened and, basically, the highest reasonable bid is accepted. If the home isn't sold in the initial Offer Period, you can submit a bid until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is acceptable to HUD, your real estate agent will be notified, usually within 48 hours.

If my bid is accepted, then what happens?
Answer: Your Landmark Properties real estate agent will help you through the paperwork process. You'll be given a settlement date, normally within 30-60 days, by which you need to arrange financing and close the sale, or forfeit your earnest money deposit, or pay for an extension of your sales contract. We have an excellent booklet to help you understand the settlement process: "Buying Your Home - Settlement Costs and Helpful Information When you buy a HUD Home, the selling agent's commission will be paid by HUD but only if you make this a condition of your offer. HUD always pays the listing agents commission.

How can I get a loan to buy a HUD Home?
Answer: HUD doesn't make loans directly. But they do have a number of mortgage insurance programs that could help you buy a home. You can read about those programs here. Then contact a HUD approved lender, who will take you through the steps will take you through the steps and actually make the loan.

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